Kraken Robotics forecasts strong growth for 2023
By DE StaffAutomation Defense Energy
Newfoundland-based marine technology firm reports record financials for 2022.
Kraken Robotics Inc. announced it experienced record growth in fiscal 2022 and expects that upward trend to accelerate next year. The company earned a record $40.9 million last year, compared to $25.6 million in fiscal 2021.
According to the marine technology firm, its 60% year-over-year growth was driven by the delivery of its KATFISH mine-hunting systems, AquaPix synthetic aperture sonar and SeaPower batteries as well as a full year of service revenue from PanGeo Subsea which was acquired in July 2021.
In addition to its revenue growth, Kraken saw its gross margins for 2022 rise to 42%, compared to 44% in 2021. Adjusted EBITDA for the year was $5.3 million resulting in a 13% adjusted EBITDA margin, compared to an adjusted EBITDA of $2.1 million in the prior year and a 8% adjusted EBITDA margin.
Despite the strong performance, the company ended 2022 with a net loss $4.2 million compared to a net loss of $3.5 million in the prior year. Cash balance at year end 2022 was $8.3 million compared to $6.8 million as of December 31, 2021.
“2022 was a strong year for Kraken and we expect it to continue in 2023,” said Kraken president and CEO, Greg Reid. “Revenue growth of 60% and adjusted EBITDA margins of 13% reflect the right technical solutions, strong end markets and improving execution. Investments we have made are positioning us well.”
For 2023, the company expects revenue ranging from $66 – $78 million and adjusted EBITDA in the $12 – $17 million range. According to Kraken, its 2023 outlook is largely driven by contracts in hand and the strength of its products and services groups addressing defense and offshore energy customers.
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